The CBDT has relaxed the timeline for conducting income tax assessment

The Central Board of Direct Taxes through notification dated 31st March, 2021 has relaxed the timeline for conducting income tax assessment. The notification has relaxed the time limit during which the Assessing Officer shall:

1. Based on directions of dispute Resolution Panel, complete the assessment under income tax act;
2. Serve on the assessee a notice requiring him to furnish a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year.

The end date for the period during which the time limit for the completion of issue of above-said order or notice shall stand extended till the 30th day of April, 2021.